SP Angel – Today’s Market View, Wednesday 16th September 2026

Copper edges higher as Treasury yields ease before the Fed decision

MiFID II exempt information – see disclaimer belo

Arkle Resources (ARK LN) – Interim results

Aterian* (ATN LN) – Tungsten trading trial in Rwanda

Bradda Head Lithium (BHL LN) – Proposed acquisition of uranium prospecting licences in Tanzania

Cobra Resources (COBR LN) – Testing shows potential cost benefits for Wudinna rare-earth recovery rates

Empire Metals* (EEE LN) – Murdoch University research programme joins Australia’s critical metals CRC

Eramet (ERA FR) – Reported to be in talks with a number of interested parties including Glencore and InfraVia regarding a stake in its lithium operations in Argentina (Bloomberg)

Fulcrum Metals (FMET LN) – £0.25m funding for Ontario tailings projects

Great Western Mining (GWMO LN) – Promising early-stage metallurgical test results from the Defender tungsten project in Nevada

Minerals 260 (MI6 AU) – A$250m equity raise to fund Bullabulling Gold Project construction

Turaco (TCG AU) – Begnopan drilling results point to MRE growth ahead of the Afema Gold Project resource update due 4QCY26

Rockfire Resources (ROCK LN) – Resource infill drilling continues to intersect mineralisation while geotechnical testing indicates significant rock support may be necessary for underground mining

Copper ($14,181/t) – Copper edges higher as Treasury yields ease before the Fed decision

• Copper rose 0.7% helped by lower Treasury yields and a reversal in the dollar.
• Copper for delivery in three months now costs $62.53/t more than metal today, down from $85.75/t.
• That contango replaces the backwardation of previous weeks, and points to plenty of supply.
• LME stocks outside the US kept rising this week.
• The White House has still held off on new tariff measures.
• The Fed is expected to raise rates today for the first time since 2023.

Nornickel looks to move copper processing to China

• Nornickel wants to stop smelting copper at Norilsk, its plant in the Russian Arctic, which is heavily polluting.
• It is in talks with China’s North Copper to do that work instead at Houma in Shanxi province.
• Most of Nornickel’s customers are now in China, so processing there would cut costs.
• Building a new smelter inside Russia is far more expensive because sanctions block European, US and Japanese equipment.
• North Copper would have to rebuild its plant to handle Nornickel copper concentrate, which carries more nickel than Chinese smelters usually treat.
• That could take up to two years, and the nickel recovered would be shipped back to Russia.
• Nothing is signed yet, and an earlier plan for a smelter at Fangchenggang collapsed when that partner pulled out late last year.

Gold ($4,334/oz) – Gold steady as traders wait for the Fed decision

• Traders price a 92.4% chance of at least a 25bp rise later today (CME FedWatch).
• Warsh holds a press conference after the decision.
• Oil stayed above $100/bbl with Saudi Arabia’s East-West pipeline still offline.

Tin ($52,450/t) – Tin will be the first commodity on Indonesia’s new exchange

• Indonesia’s Financial Services Authority expects to form the exchange, Icomex, on 17 September (Bloomberg).
• The business licence should be issued on 1 January, with trading starting on 4 January.
• Sarjito says tin will be first, given its history on the Jakarta Futures Exchange.
• PT Timah separately says Belitung ore output rose from ~1,000-1,200tpa to about 10,000t after a crackdown on leakage.
• Its 2026 quota for Belitung was only 3,000t, used up in about 2.5 months.
• Presidential Regulation 79/2026 now allows production above quota there while governance is fixed.

Uranium ($89.9/lb) – Saudi Arabia reports 110mt of uranium-bearing ore in Medina

• Energy Minister Prince Abdulaziz bin Salman announced the estimate at the IAEA conference in Vienna.
• The ore is said to carry high concentrations of heavy rare earths alongside promising uranium.
• No uranium grade or contained tonnage was given.
• The Kingdom is also studying recovery of uranium as a by-product of fertiliser production.
• It signed a 30-year nuclear agreement with the US in July, which could allow enrichment on Saudi soil.

Currencies

US$1.1547/eur vs 1.1539/eur previous. Yen 154.93/$ vs 154.87/$. SAr 16.229/$ vs 16.300/$. $1.348/gbp vs $1.348/gbp. 0.713/aud vs 0.712/aud. CNY 6.707/$ vs 6.713/$.

Dollar Index 99.59 vs 99.62 previous.

Economics

Oil – Brent at over $108 amid ongoing supply disruptions in the Middle East.

• Saudi Arabia that recently suspended operations at the East-West oil pipeline informed its European customers that its September crude cargoes will be cancelled.
• European crude bound quotes are reported to have increased as high as over $120/bbl.
• Strait of Hormuz dark shipments are reported to have been running at 7-9mbbl, equivalent to 30-40% pre-war levels.

US – Fed rate decision due later this evening with a hike to 3.75-4.00% now fully priced in.

China implemented new overseas travel controls for a selected group of its citizens aiming to secure state secrets in advanced tech industries (FT)

• The regulation aimed at mid-to-senior level civil servants, Communist Party cadres and SOE employees.
• New rules would also cover private citizens in sensitive areas.
• Controls would involve steep fines and exit bans.
• The move aimed at countering foreign sanctions and competing with the US for technological dominance.
• We would expect new rules to also cover critical minerals space including downstream processing technologies (eg REE/permanent magnets, lithium/batteries)

Draft legislation for new anti-corruption law likely to have far reaching impact

• Beijing’s draft legislation is reported to look allot like its US counterpart but with some far-reaching differences (SCMP).
• The draft legislation is for combating cross-border corruption as well as a tool to combat foreign interference and illicit financial flows.
• The legislation sets out to block extraterritorial investigations and retaliate against foreign anti-corruption enforcement.
• But, Beijing may also create a double-edged regulatory framework forcing companies to work around complex compliance issues.

UK – Inflation accelerated to 3.1% last month, in line with expectations, driven by higher petrol prices and energy bills.

• Core CPI held at 2.6% with the BOE expected to hold rates unchanged at 3.75%.
• CPI MoM (Actual / Prior / Est): 0.5% / 0.3% / 0.5%
• CPI YoY (Actual / Prior / Est): 3.1% / 2.9% / 3.1%
• Core CPI YoY (Actual / Prior / Est): 2.6% / 2.6% / 2.6%

Zimbabwe – The National Railways of Zimbabwe will commission 100 refurbished rail wagons and three locomotives under a public to private  partnership with Zimasco tomorrow

• Zimasco funded the procurement of critical spares and consumables and the refurbished rolling stock will be dedicated to transporting the producer’s chrome ores and ferrochrome.
• Sinosteel, a Chinese state enterprise, is a major shareholder in Zimasco which is the largest ferrochrome producer in Zimbabwe.

Precious metals:

Gold US$4,334/oz vs US$4,288/oz previous

Gold ETFs 100.2moz vs 100.0moz previous

Platinum US$1,793/oz vs US$1,762/oz previous

Palladium US$1,321/oz vs US$1,288/oz previous

Silver US$64.8/oz vs US$63.0/oz previous

Silver ETFs 802.2moz vs 803.0moz previous

Rhodium US$9,550/oz vs US$9,550/oz previous

Base metals:

Copper US$14,181/t vs US$14,004/t previous

Aluminium US$3,264/t vs US$3,247/t previous

Nickel US$16,075/t vs US$16,295/t previous

Zinc US$3,854/t vs US$3,771/t previous

Lead US$1,885/t vs US$1,876/t previous

Tin US$52,450/t vs US$51,505/t previous

Energy:

Oil US$107.6/bbl vs US$107.4/bbl previous

• The API estimated an unexpected w/w US inventory build of 7.1mb to crude oil, partially offset by a 0.4mb draw to the SPR, with further builds of 1.5mb to gasoline and 1.6mb to distillate stocks on 13.95mb of domestic crude output.
• European energy sentiment continues to be dominated by the disruption of LNG supplies through the Strait of Hormuz, as France’s average nuclear generation was flat w/w at 62% of the country’s 61.4GW maximum capacity.
• Junior energy minister Martin McCluskey confirmed that the UK Government would still permit low volume hydraulic fracturing techniques, which was not considered the same as hydraulic fracturing for shale gas extraction. Operators are currently seeking approval to use lower-volume techniques at the Cloughton, West Newton and Wressle fields.

Natural Gas €81.3/MWh vs €82.0/MWh previous

Uranium Futures $89.9/lb vs $89.9/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$95.7/t vs US$95.4/t

Chinese steel rebar 25mm US$475.0/t vs US$473.8/t

HCC FOB Australia US$275.0/t vs US$276.0/t

Thermal coal swap Australia FOB US$145.8/t vs US$148.3/t

Other:

Cobalt LME 3m US$40,675/t vs US$41,200/t

NdPr Rare Earth Oxide (China) US$108,984/t vs US$108,887/t

Lithium Carbonate 99% (China) US$19,158/t vs US$19,588/t

China Spodumene Li2O 6%min CIF US$1,880/t vs US$1,915/t

Ferro-Manganese European Mn78% min US$1,045/t vs US$1,055/t

Tungsten APT (China) 88.5% FOB US$1,875/mtu vs US$1,875/mtu

Tungsten APT (Europe) 88.5% Rotterdam US$2,925/mtu vs US$2,925/mtu

China Tantalum Concentrate 30% CIF US$240/lb vs US$239/mtu

China Graphite Flake -194 FOB US$400/t vs US$390/t

Europe Vanadium Pentoxide 98% US$5.3/lb vs US$5.3/lb

Europe Ferro-Vanadium 80% US$25.3/kg vs US$25.3/kg

China Ilmenite Concentrate TiO2 US$186/t vs US$185/t

US Titanium Dioxide TiO2 >98% US$2,806/t vs US$2,806/t

China Rutile Concentrate 95% TiO2 US$1,170/t vs US$1,169/t

Brazil Potash CFR Granular Spot US$365.0/t vs US$365.0/t

Germanium China 99.99% US$4,255.0/kg vs US$4,255.0/kg

China Gallium 99.99% US$440.0/kg vs US$440.0/kg

Europe Molybdenum Oxide 57% US$34.0/lb vs US$34.0/lb

EV & Battery news:

CATL launches Tectrans II ‘sodium-ion’ heavy-duty truck battery with 1,000km range

• CATL launched its next-generation Tectrans II commercial vehicle battery, offering up to 1,000km of range for heavy-duty trucks and megawatt-level fast charging to 80% in 25 minutes.
• The battery uses a modular platform with standardised pack dimensions, electrical interfaces, and communication protocols, letting automakers adopt future upgrades without major platform changes, cutting development cycles by 50% and R&D costs by 60-70%, CATL said.
• It has a gravimetric energy density of 170Wh/kg, about 13% above the industry average, letting vehicles carry roughly 0.6 tonnes of additional payload at the same capacity, plus 96% round-trip efficiency and a design life of 12 years/1.5m km with 70% capacity retention.
• Tectrans II builds on CATL’s July 2024 launch of the Tectrans brand, having already introduced light commercial vehicle variants in China this year, including a sodium-ion low-temperature version in January and an 8C ultrafast-charging version in July.
• The bottom plate is rated to withstand impacts of up to 1,000 joules, providing protection against objects and debris encountered on the road and to resist corrosion for 15 years.
• CATL remains the global EV battery leader, with 289.6GWh of installations in the first 7 months of 2026 for a 39.9% market share, according to SNE Research.

Company news:

Arkle Resources (ARK LN) 0.68p, Mkt Cap £11m – Interim results

• Arkle Resources reports a loss of €0.95m for the six months to 30^th June (H1 2025 – €0.12m loss) and a closing cash balance of €1.07m.
• The company describes its acquisition of uranium prospecting licences in the Erongo region of Namibia where it has completed an initial 2,900m drilling programme.
• Arkle Resources also highlights its partner, Group Eleven Resources’ planned 15,500m drilling programme at the Stonepark zinc prospect in Ireland which will be funded “at no cash cost to Arkle”.

Aterian* (ATN LN) 25.82p, Mkt Cap £5.1m – Tungsten trading trial in Rwanda

• Aterian reports it is trialling the trading of tungsten through its Rwandan subsidiary..
• Its local subsidiary, Eastinco has raised £180,000 for the trading of tungsten ores and concentrates including wolframite ((Fe,Mn)WO4).
• The business continues to trade tantalum concentrates and is leveraging off its existing procurement network to trade tungsten.
• The business will start with smaller-scale trial transactions on a controlled, lot-by-lot basis as it establishes traceability and operational systems for tungsten.
• Trial aims to work out:
  • “reliable sources of responsibly sourced tungsten ore and concentrates;
  • consistent product grades and specifications;
  • appropriate purchase and sales pricing mechanisms; and
  • the working capital cycle required to support recurring tungsten transactions.
• Subject to satisfactory traceability due diligence completion and execution of initial trades, Eastinco intends to progressively increase trading volumes and launch a larger full-scale trading platform.”
• Funding:
• Aterian plan to raise £180,000 for working capital through the issue of a zero-coupon convertible note, convertible at 25p/s to existing shareholders. The note automatically converts into equity at end-December 2026.
• The note holders will also 300,000 warrants expiring on 15 February 2028, with a 32.5p exercise price and a 50p hard call feature.
• Aterian continues to work on exploration for copper in Morocco and Botswana

Conclusion: Aterian have invested much time and capital in Rwanda for the trading of tantalum and look well placed to upscale trading in tantalum and other critical materials.

*SP Angel acts as Joint Broker to Aterian

Bradda Head Lithium (BHL LN) 2p, Mkt Cap £11m – Proposed acquisition of uranium prospecting licences in Tanzania

• Bradda Head report the proposed acquisition of six prospecting uranium licences in Tanzania.
• Management have agreed a conditional, definitive and binding asset purchase agreement for the licenses.
• The majority of the $1.8m consideration tied is to future milestones as follows:
• US$1m in cash on completion
• US$0.3 in cash or shares on the first instalment payment date on production of an Indicated or Measured NI 43-101 resource of at 25,lbs U308;
• US$0.5m on a DFS and formal FID for a uranium mine.
• A fee of US$120,000 will be paid to the advisors.
• Completion is expected by 15 October.
• Completion is subject to consent from the Tanzania Mining Commission registering the assignment of the PL Licences to BHL Tanzania.
• Uranium licenses:
• Mkuju Project
  • Sandstone dominated formations of the Triassic aged Lower Karoo Supergroup.
  • The 125 Mlb (U3O8) Nyota deposit (Uranium One) is ~20 km to the north is also hosted by Karoo Supergroup formations.
  • The project has significant previous drilling, geophysics and other exploration.
• Likuyu North Deposit
  • JORC (2012) MRE 4.6mlb U3O8 grading of 267ppm U3O8  with up to 8 extensive ‘stacked’ layers, gently dipping, hosted by permeable coarse-grained sandstones, within 150 m of surface;
  • ERM (Perth) suggested it might work with ISR in-situ recovery which is a relatively clean and simple way to extract uranium.
• Mtonya-SWC Corridor
  • Targeting uranium roll-front mineralisation along a 14 km corridor with surface uranium ‘shows’
  • Primary uranium drillhole intersections at depth, likely to be ‘tail/lateral’ zones or relics of older ‘nose’ zones
• Likuyu South Target
  • A 15 km long trend of radiometric anomalies with very little historical drilling completed.
• Eland Project
  • Large quartz syenite intrusion with zones of high Nb, Ta, Uranium;
  • Rock-chip samples with up to 4,120ppm Nb2O5, 571ppm Ta2O5 and 832ppm U3O8 taken in 2022;
• Foxy Project
  • Radiometric anomaly on a ridge with sub-cropping Karoo Supergroup sandstones;
  • Western Metals Ltd drilled 19 holes in 2008 with most holes ended at 70m depth;
  • Drilling intersected 6m @ ~217ppm U3O8 (by assay) inc. 2m with 405ppm U3O8;

Conclusion: We see further upside in uranium prices from here. We also see good potential for new uranium discoveries in Tanzania

Cobra Resources (COBR LN) 4p, Mkt Cap £45m – Testing shows potential cost benefits for Wudinna rare-earth recovery rates

• Cobra Resources reports that test work by ANSTO, the Australian Nuclear Scientific Technology Organisation, shows that rare earth elements in its Boland and Head prospects (the Wudinna ionic rare earths Project) in South Australia are recoverable “across a range of ammonium sulphate … concentrations and pH conditions using site-sourced saline groundwater”.
• Managing Director, Rupert Verco, explained that the flexibility to manage recovery rates “matters because recovery cannot be assessed in isolation”.
• He clarified that “Lower reagent concentrations may reduce cost, supply exposure and the salinity load introduced to the aquifer. The Scoping Study will test those potential benefits against the associated change in recovery”.
• Mr. Verco also confirmed that Cobra Resources expects to “announce the maiden Mineral Resource Estimate shortly, followed by further updates from the Scoping Study”.
• “Bench-scale testing indicates that the mineralisation … [at Wudinna] … is amenable to ISR … [in-situ recovery] … techniques … [and] … the Scoping Study will determine the potential operating configuration, recovery assumptions and development economics”.

Conclusion: Continuing testing by ANSTO indicates potential flexibility in rare-earth recovery rates may provide cost benefits in the forthcoming Scoping Study

Empire Metals* (EEE LN) 38.80p, Mkt Cap £294m – Murdoch University research programme joins Australia’s critical metals CRC

• Empire’s research programme with Murdoch University has been accepted into the Critical Metals for Critical Industries CRC.
• The CRC sits under the Australian Government’s Cooperative Research Centres Programme, awarded A$53m over ten years in March 2026.
• Empire’s work targets a route to titanium metal made directly from Pitfield TiO2 using molten salt electrolysis, run on renewable power.
• First phases complete in early 2027.
• Objectives are to prove Pitfield TiO2 works as feedstock and to set a path to continuous pilot scale.
• Titanium metal today comes almost entirely from the Kroll process, a batch route from the 1940s.
• Kroll converts TiO2 to titanium tetrachloride, then reduces it with magnesium, and is energy and labour intensive.
• Cost has kept titanium in aerospace, defence, and medical uses despite the metal’s abundance.
• MSE ‘Molten salt electrolysis’ reduces TiO2 to metal in a single electrochemical step.
• Empire points to higher purity, lower energy use, fewer hazardous by-products, and better scalability.

Conclusion: Government money and a university programme now sit behind work that would take Pitfield TiO2 all the way to titanium metal, a higher value product than pigment. Empire says success would support domestic titanium production in Australia, with first results due early 2027.

*SP Angel acts as Nomad and Broker to Empire Metals

Eramet (ERA FR) €43, Mkt cap €1.2bn – Reported to be in talks with a number of interested parties including Glencore and InfraVia regarding a stake in its lithium operations in Argentina (Bloomberg)

• The miner is considering a sale of a minority stake raising funds to reduce debt.
• Centenario lithium brine project operates a DLE plant ramping up to nameplate ~24ktpa LCE.
• The operation commissioned in July 2024 and is reported to have reached 90% capacity levels in June 2026.
• Production guidance 17-20kt for 2026 with 100% capacity expected by YE.
• The operation is guided to run at $5,400-5,800/LCE opex once at full capacity.
• 8.3kt LCE sales reported 1H26 generating €61m EBITDA and €32m FCF.
• The salar hosts ~15mt LCE at 407mg/L.
• Eramet took full control of the asset buying out Tsingshan’s interest (49.9%) for $699m in October 2024.

Fulcrum Metals (FMET LN) 6.88p, Mkt Cap £11m – £0.25m funding for Ontario tailings projects

• Fulcrum Metals reports that it has raised ~£250,000 via a subscription priced at 7p/share “to support the establishment of its Ontario pilot facility and continued advancement of the Teck-Hughes and Sylvanite tailings projects in the historic Kirkland Lake gold camp in Ontario”.
• The additional ~3.57m shares represent around 2% of the enlarged capital.
• CEO, Ryan Mee, said that “institutional demand has resulted in this subscription … [which, he said, strengthened] … Fulcrum’s balance sheet”.
• He also confirmed that “Preparatory work on the pilot facility is progressing, with equipment being pre-ordered and arrangements for the site advancing”.

Great Western Mining (GWMO LN) 3.9p, Mkt Cap £16m – Promising early-stage metallurgical test results from the Defender tungsten project in Nevada

• Great Western Mining reports results of initial metallurgical testing of samples from its Defender tungsten exploration project in Nevada.
• A 750kg sample taken “across approximately 1 km of strike between the Defender Mine in the east, the Dough God Mine and the Pine Crow Mine in the west” at an average grade of 0.35% tungsten trioxide was crushed to “P80 150µm before undergoing sequential sulphide and scheelite flotation test work”.
• Removal of sulphides by flotation and a primary tungsten recovery stage resulted in a “rougher concentrate grading 7.21% WO₃, compared with the original bulk sample head grade of 0.35% WO₃ … aligning with results from other regional skarn-hosted tungsten projects”.
• CEO, Ed Loye, described the “preliminary results … [as] … an excellent early milestone for Defender”.
• He also said that “very low levels of deleterious elements such as molybdenum were recorded, which is important as these can hinder further purification steps”.
• Follow-up testing is expected to include evaluation of “whether a mild regrind stage is required ahead of the cleaning cells to improve liberation of remaining trapped minerals without over-grinding the scheelite”.

Minerals 260 (MI6 AU) A$0.88, Mkt Cap A$2b 0 – A$250m equity raise to fund Bullabulling Gold Project construction

• The Company raised A$250m to fund development of the Bullabulling Gold Project in Australia (65km west o Kalgoorlie).
• The raise includes a A$30m commitment from Franco-Nevada (FNV)
• Issue price of A$0.88, implies no discount to the last close.
• The Company will also launch a share purchase plan (SPP) for eligible investors for a further A$30m.
• Total pro-forma cash balance estimated at A$633m including A$250m raise, an agreed A$170m royalty with FNV and existing ~A$183m cash position.
• Proceeds to be directed towards ongoing project development and construction.
• The team expects the remaining project funding to be secured via traditional project finance (debt).
• Multiple non binding term sheets received in excess of the funding needs.
• PFS July 2026 highlights included:
  • OP, CIL, 5mtpa operation
  • 19y LOM at ~125kozpa (150kozpa first 10y)
  • ~A$855m development funding requirements including A$180m (pre-FID costs), A$560m (capex), A$115m (pre-production costs)
  • A$99m sustaining capital
  • A$2,520/oz AISC
  • Post-tax NPV5/IRR A$2.3bn/43% at US$3,800/oz
  • 2.5moz at 0.86g/t in Reserves and 6.2moz at 1.00g/t in Resources (incl Reserves).
• FS expected 2HCY26 with FID 1QCY27.
• Maiden production 4QCY28.

Turaco (TCG AU) A$0.84, Mkt Cap A$897m – Begnopan drilling results point to MRE growth ahead of the Afema Gold Project resource update due 4QCY26

• The company released further drilling results from the Afema Gold Project in south east Cote d’Ivoire.
• The team completed ~13,000m of both infill and stepout programme at the Begnopan Deposit.
• Extensional drilling returned a number of wide above MRE grade intersections including:
  • 11m @ 4.33g/t gold from 72m, including 4m @ 10.50g/t gold from 78m (BEGRC0089)
  • 15m @ 3.41g/t gold from 124m (BEGRCDD0061)
  • 23m @ 1.95g/t gold from 115m (BEGRCDD0067)
  • 10m @ 3.78g/t gold from 83m (BEGRC0047)
  • 6m @ 6.50g/t gold from 84m (BEGRC0087)
  • 8m @ 3.91g/t gold from 81m (BEGRC0046)
  • 8m @ 2.46g/t gold from 91m (BEGRC0056)
  • 19m @ 1.68g/t gold from 119m (BEGRC0060)
  • 14m @ 2.25g/t gold from 61m (BEGRC0107)
  • 10m @ 2.15g/t gold from 90m (BEGRC0115)
• Results confirm both depth and strike extensions as well as identified new sub-parallel zones of shallow mineralisation strike.
• The deposit remains open in all directions.
• Metallurgical testwork returned 89% recoveries (~1.0g/t) using primary grinding (75µm), flotation and ultra fine grinding (12µm).
• The current resource released October 2025 stands at 5.1mt at 1.5g/t for 260koz and is based on 23,106m of drilling at an average depth of ~70m.
• Further drilling is ongoing at the Adiopan and Woulou Woulou deposits, with more drilling results due over the coming weeks.
• Four dirll rigs are currently operating at site.
• The 4.65moz Afema MRE is expected to be updated 4QCY26.
• Updated MRE will be used for the FS due 2QCY27.

Rockfire Resources (ROCK LN) 0.11p, Mkt Cap £12m – Resource infill drilling continues to intersect mineralisation while geotechnical testing indicates significant rock support may be necessary for underground mining

• Rockfire Resources reports the completion of a further hole, HMO-021, of its resource upgrade drilling at the Malaoi zinc project in Greece at a depth of 400m and that hole HMO-022 is progressing.
• Preliminary analysis of HMO-021 using portable X Ray Fluorescence has identified zinc/silver mineralisation “between 238m and 248m … [and a] … second zone … from 271.8m to 274.1m”.
• Today’s announcement also reports mineralisation over 1.5m from 300m and “Another deeper, narrow zone of mineralisation at 311m depth … [as well as] … a deep lode at 349m depth”.
• CEO, David Price, confirmed that “intercept widths encountered in hole HMO-021 are very pleasing and extends zinc mineralisation deeper on the 4078026N line”.
• He also confirmed that “Samples have been sent to the laboratory for definitive analysis”.
• Mr. Price said that “Uniaxial Compressive Strength (“UCS”) test results show that 40% of the samples will require immediate pattern rock bolting to maintain strength for a safe mining environment … [and said that these results] … will feed into our ground support calculations for underground mine design”.
• He said that the underground rock support design “is very important in calculating the costs for up to 40% of the underground mining operation likely to require rock bolting and meshing”.
• The announcement also confirms the expected arrival of the company’s own drilling rig in Athens “on the 18^th of November 2026”.

Conclusion: The latest resource upgrade drilling at Malaoi has continued to intersect multiple mineralised horizons containing zinc, silver, lead and germanium. Results from geotechnical testing indicate that up to 40% of the mining could require significant rock support

SP Angel – No.1 for Precious Metals: LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026

No.1 for Precious Metals: Q1 2026

No.1 for Precious Metals: CY 2025

No.1 in Precious Metals: Q1 2025

No.1 in Precious Metals: CY 2024

No.2 in Base Metals: CY 2024

Analysts

John Meyer –John.Meyer@spangel.co.uk – 0203 470 0490

Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484

Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk – 0203 470 0474

Sales

Richard Parlons –Richard.Parlons@spangel.co.uk – 0203 470 0472

Abigail Wayne –Abigail.Wayne@spangel.co.uk – 0203 470 0534

Rob Rees –Rob.Rees@spangel.co.uk – 0203 470 0535

Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471

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35-39 Maddox Street

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*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)

+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.

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This note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc.

Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter.

Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile.

SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s).

SPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.

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A full analysis is available on our website here http://www.spangel.co.uk/legal-and-regulatory-notices.html. If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins (tim.jenkins@spangel.co.uk).

SPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return

SP Angel Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange

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